Yam Finance Announced Some Updates Including Migration from Uniswap

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YAM Finance posted an announcement on its blog to describe some ongoing changes. The main topic of the new update is resuming YAM LP rewards. But there are some other important subjects like migrating from Uniswap to SushiSwap, too.

According to the recent post:

“At 6 PM UTC, November 12, LP rewards resume for stakers in the YAM Incentivizer contract. These rewards are part of a broader update executed on-chain today that provides a number of upgrades to the protocol.”

The recent update announcement from YAM covers many changes, and some of them will affect the contributors significantly. One of the most important updates is about transitioning the treasury purchase in YAM. According to the announcement, YAM Finance will transition from yUSD to ETH. Furthermore, the target price will change from 1 yUSD to 1 USDC, using a two-hop TWAP YAM:ETH:USDC.

As mentioned before, transitioning from Uniswap to SushiSwap in purchasing processes is crucial in the new updates. YAM Finance explains the decision for this transition in the blog post:

“Like everyone in this space, we love Uniswap, but SushiSwap’s support of Yam with SUSHI incentives has created a strong pool of liquidity that we want to build on rather than compete with. Additionally, the opportunity to grow the treasury by farming SUSHI is a strong incentive to make the switch.”

YAM Finance points to some mixed feelings about SushiSwap. They talk about their belief in second chances for SushiSwap. As a result, they will use that platform for purchases from now on.

Transitioning from yUSD to ETH will be done with a focus on liquidity needs in Yam Finance. The blog post describes the problems in using yUSD as the main liquidity pool that created some challenges for purchasing YAM. 

YAM Protocol is another subject of improvement in the latest update. YAM Finance says the protocol will experience significant progress, and many initial problems will be solved.

YAM Finance talks about the parallel updates and improvements at the end of the blog post:

“Our attention now turns in earnest towards many of the initiatives that have been developing in tandem to the above updates, including a trustless active treasury management system through Set Protocol V2, utilizing multiple Governor contracts for more flexible contributor management and payment, a ragequit mechanism and new product lines.”

Like all of the other blockchain projects, YAM Finance believes a lot in community contributions. They discuss their plans to continue improving the project and remove the burdens of coordination and operation between DAO and DeFi.

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